In a disturbing example of rising crypto-related cybercrime in India, a 47-year-old man from Hyderabad fell victim to a sophisticated cryptocurrency scam that cost him a staggering ₹1.6 crore. The fraudsters approached him via a Telegram group, lured him with promises of high returns on Bitcoin investments, and gradually drained his money through a series of misleading transactions.

Victim Targeted via Telegram, Promised Lucrative Returns

The victim, a private employee residing in Miyapur, told the Cyberabad Cybercrime Police that he was added to a Telegram group without consent, where he was soon contacted by a woman claiming to be an expert in crypto trading.

She introduced him to a supposed investment opportunity in Bitcoin, claiming that users were getting double returns in short timeframes. Initially cautious, the victim was slowly convinced by the woman’s well-rehearsed pitch and the visual proof she provided in the form of fabricated dashboards and screenshots.

Early Profits Were Fake: Small Wins Led to Big Losses

The scammers employed a classic psychological trick: they first offered small but quick returns to win the victim’s confidence. The man sent ₹10,000 and then ₹20,000 through an online wallet. Within a few hours, he was shown that his investment had doubled—a result displayed on a fake trading platform.

Feeling reassured, he increased his investment to ₹5 lakh, after which the fraudsters claimed he had become eligible for a “premium membership.” They then began charging high commissions and fees, all under the pretext of releasing profits.

Total Losses Crossed ₹1.6 Crore, No Returns Received

Over the following weeks, the victim transferred ₹1.02 crore into multiple bank accounts given by the fraudsters. But each time he tried to withdraw his returns, he was told to pay a new fee—ranging from service charges to taxes and platform maintenance costs.

Eventually, he was even asked to pay an additional ₹30 lakh as final processing commission, which he complied with. When he finally demanded to withdraw both his returns and original investment, he discovered that his number had been blocked and the group had disappeared.

Crypto Scammers Use New-Age Tactics to Lure Victims

Officials investigating the case say this scam bears all the hallmarks of new-generation crypto fraud:

• Contact is made via social media or encrypted platforms like Telegram.
• Fraudsters often impersonate women to build trust faster.
• Victims are shown fake dashboards and profits.
• Requests for deposits continue under false claims of regulatory fees or commissions.
• No money is ever returned; scammers vanish once the victim resists further payments.

Police Caution Public: Don’t Fall for “Get-Rich-Quick” Crypto Pitches

The Cyberabad Police are urging citizens to be extremely cautious about investing in cryptocurrencies, especially via unregulated or anonymous platforms. If an opportunity seems too good to be true, it likely is.

“People should never invest based on advice from unknown Telegram or WhatsApp contacts. Fraudsters exploit greed and ignorance to steal huge sums,” an officer said.

They also emphasized the importance of verifying investment platforms through official sources and reporting suspicious activity promptly via the National Cyber Crime Reporting Portal (cybercrime.gov.in).

Crypto Boom, Scam Boom?

As crypto awareness grows in India, so does the risk of falling into traps like this one. Scammers are evolving, using psychological manipulation, technical illusions, and fast communication channels like Telegram to exploit public curiosity and financial ambition.

The Hyderabad incident is a wake-up call: educate before you invest, and never trust unknown digital advisors with your money.